what is the cola increase for social security in 2024

The Social Security cost-of-living adjustment (COLA) for 2024 is 3.2%.

Quick Scoop

• The 2024 COLA is a 3.2% increase to Social Security and SSI benefits.

• It applies to retirement, disability (SSDI), and SSI benefits, as well as many auxiliary (family) benefits.

• For many retirees, this works out to roughly a bit over $50 more per month on average.

• The higher payment amounts started with benefits payable in January 2024 (late December 2023 for SSI).

A bit of context

Each year, Social Security adjusts benefits for inflation through the COLA so that your purchasing power doesn’t erode as prices rise. After 2023’s unusually large 8.7% increase, 2024’s 3.2% boost reflects inflation having cooled but still being high enough to warrant an increase.

In practical terms, if you were receiving 1,5001,5001,500 per month in 2023, a 3.2% COLA would raise your 2024 benefit to about 1,5481,5481,548 per month. (Example illustration only.)